If you have said, or someone have told you: “Love you to the moon and back” you will think that is real love. And it could be. Nevertheless, in the crypto reign, that kind of statament could be a painful one. Let me show you a recent story whose main character is Nano DogeCoin (NDC).
Looking like a promising (and cute project) this is what the official page of the token says:
A crypto passive income platform/token that helps the little ones, how could you not be melted with that kind of purpose? But hey! Not all that glitters is gold. With the recent announcement of the Migration of the contract, something strange and odd happened.
Yes, I know what you are thinking, and it was my same thought too. Did CMC just got broke or got a mistake? Or… something fishy just took place? If someone knows, please let me know. But, for now, let’s see what the numbers have to say.
From 8:55 to 9:00 pm, the token went from $0.000000000748 (have to proofread that I count the zeros properly) to $19.18, and remained steady 7 hours at the $18.60-$20.90 band. That is a 2,565,508,021,190% increase, which means, that if you had 1-dollar worth of those tokens, you would be the 64th richest person in the world, and if you had 11,000 bucks of that token, you could end with the World debt and still have 1.2 trillion dollars for yourself. Sounds too good to be true right? Well, it is. Look what happened next:
Assuming that the price is totally responding to a simple free market logic (the supply and demand curve) the liquidity is a huge problem. “Only” 250k were available for transactions on PANCAKESWAP, which is not figuring as a market anymore. Right now, the only market is BitMart with a volume of almost 378k, and with a price that represents roughly a 10,000% increasing in value, which is still amazing.
What is the lesson here my pals? Avoid FOMO, always DYOR and use ONLY the money you are willing to lose. Oh, and also that the chart from that event looks just like a tepuy from my country Venezuela:
Thanks again for reading me! This short story shocked me when checking CMC for the gainers and losers from yesterday. Besides, I want to complement my poems series with some kind of stories series, that can bring up some lessons, or that I could blend with some fiction to make the development of them a little bit more interesting. Do not know yet, let’s see what the future holds for this new idea.
MY CRYPTO POEMS